Business

Lagos to set up housing trust fund

Published

5 years ago

July 25, 2021

…..Proposed Workers’ Village gathers steam

By Dada Jackson

In a bid to make housing accessible to the less privileged in Lagos State,and in line with the transformation agenda of the Mr. Babajide Olusola Sanwo-Olu administration, especially in the area of housing, the Lagos State Government is working on plans to increase access to decent and quality homes for them.

This is as the state government is planning to providing houses for some of its workers to be known as Workers’ Village.

The Commissioner for Housing, Hon. Moruf Akinderu-Fatai disclosed this during a site inspection of some of the ongoing State owned Housing Schemes.

His words “Having successfully completed and commissioned 10 housing estates in the past two year, and working hard to deliver our various ongoing schemes, we are moving forward to implement strategies that will improve access to decent homes in the State”.

According to him,the State Government had completed various Housing schemes located at Igando, Lekki Phase1, Lekki Phase 2, Igbokushu, Nob Oluwa, Idale Badagry, Iponri, Igbogbo amongst others,adding that work on six others sited at Odo-Onasa/Ayandelu, Resettlement Scheme Agbowa, Sangotedo Phase1, Omole Magodo, Gbagada and Ibeshe which is being built by the Lagos State Property Development Corporation were nearing completion.

The Commissioner pointed out,that hopefully, the six schemes that are at various stages of completion in Odo Onasa-Ayandelu, Agbowa Resettlement Scheme, Sangotedo,Omole/Magodo, Gbagada and Ibeshe would soon be commissioned while others at LASU Ojo, Egan- Igando and Sangotedo Phase2 were also receiving attention towards a speedy completion.

He said that these schemes with others at Itamarun Epe and Ajara in Badagry as well as joint venture schemes would yield over 7000 homes by the third anniversary of the present Administration.

He said that the positive impact of governmental intervention is hampered by the twin issue of high cost of funding for investors and people seeking home ownership through mortgage.

The Housing Commissioner noted that the State Government was looking into the issue of accessibility of decent homes through a multidimensional approach that would reduce these financial barriers to housing.

He disclosed that the State Government is fine tuning a financial mechanism tagged Lagos Affordable Housing Development Trust Fund. This according to him is a financial product that would bring succour to both property developers and intending home owners.

Akinderu-Fatai said ‘ the Fund will reduce the challenge of

financing housing development as well as empower people particularly the low and medium income earners to access housing without undue financial stress.

He underscored the fact that the housing challenge in Lagos is complex because of the continued and uncontrollable influx of people from all over the nation. He noted that given the rate at which the population of the State is increasing, there must be proactive measures to ensure that governmental interventions result in substantial positive impacts in the lives of the people.

He also reiterated that the Lagos Affordable Housing Development Trust Fund which is being prepared in collaboration with Arctic Infrastructures is the State’s response to the need for financing products that are domesticated to solve it’s peculiar housing challenges.

He said while global financing models are attractive, they may not address the unusual problems of Lagos State.

The Commissioner pointed out that provision of mass and social housing is a key agenda of the State government but the impact can only be felt when there is a structured financing mechanism that is based on predictable population growth.

Apart from the Rent to Own scheme which gives opportunity of repayment over a period of 120 months, the State is also looking at more workable financing options that will help the informal sector.

” We have to formalize the informal sector through cooperative associations and artisans guilds so that majority of our people can take advantage of a financing product that supports instalmental payments”.

The Commissioner also said that the fund would encourage more vertical construction of homes by government and private investors to optimize the land space available in the state.

Akinderu Fatai siezed the opportunity to point out that the commitment of the State government is unequivocal and that “Lagos State would continue to work relentlessly until more Lagosians are brought on the home ownership ladder. Building more homes is our way of improving standard of living , increasing economic engagement through provision of construction jobs and also opening up our rural areas”

He said the State Government plans to construct two workers villages as part of a global plan to transform the State into a 21st century economy that is distinct and comparable to others in the world.

“In line with our passion for progress in the sector, funding is needed and assistance from our development partners will be highly appreciated.” he said

The Permanent Secretary Ministry of Housing Mr Wasiu Akewusola, said that “the uniqueness of the financing package is the fact that it will be targeted at low income earners and the informal sector and can be accessed by both construction companies and homeseekers and will be made up of contributions made by both public and private sector. The fund will also cater to training and capacity building and upgrading of artisans, development of innovative building technology, sustenable housing developments and renewable of slums. The suggested funding from government is expected to be sourced from contributions by local governments, subventions, infrastructure development charge, Housing fund surcharge and Lagos Pension fund. Private sector contributions can be in form of grants and donations from both local and international organizations. ”

In disbursing the fund, Akewusola said, “part of the financing would be used as Housing loans with repayment plan of 20years. This will channeled through micro finance banks with cooperative societies serving as intermediaries”. “Construction fund will also be granted to developers having vertical construction with sustenable energy idea, he discloses.

He noted that the idea of a Trust for the financial product is to ensure accountability, credibility and sustenablity.

Other plans that are being worked out by the State include an allocation structure that will reach the masses so that homes are not hijacked by the rich, continued maintenance of existing schemess to prevent rapid dilapidation, provision of homes for young professionals, introduction of cost saving techniques to reduce cost of building homes and increasing sustenability of future Housing schemes.

Railway

NRC Investigates Assault Allegation Against UI Lecturer at Moniya Station

Published

3 hours ago

March 10, 2026

Trends Admin

Obafemi Awolowo Train Stattion, Moniya

NRC Investigates Assault Allegation Against UI Lecturer at Moniya Station

The Nigerian Railway Corporation (NRC) has launched an investigation into an **alleged assault on a lecturer from the University of Ibadan (UI) at the Moniya train station in Oyo State, according to sources familiar with the matter.

The incident reportedly occurred on [specific date if available], when the academic was reportedly involved in a confrontation with NRC staff and/or security personnel at the Moniya rail station. Details remain sketchy, but eye‑witness accounts suggest that the lecturer sustained physical injuries during the altercation before other commuters intervened and security operatives were called to the scene.

Following complaints from the lecturer and concerned passengers, the NRC’s management announced that it has set up a panel to investigate the circumstances surrounding the alleged assault, including reviewing available footage from station cameras, interviewing witnesses and questioning staff members who were on duty at the time.

In a brief statement, the NRC said it “takes the safety and dignity of passengers and members of the public very seriously” and pledged to ensure a thorough, impartial probe into the matter. The corporation added that appropriate disciplinary or legal action would be taken against any staff found culpable.

NRC Investigates Assault Allegation Against UI Lecturer at Moniya Station

Business

Middle East Crisis Pushes Petrol Price to N1,300 Per Litre in Nigeria

Published

4 hours ago

March 10, 2026

Trends Admin

Middle East Crisis Pushes Petrol Price to N1,300 Per Litre in Nigeria

Economic hardship is deepening across Nigeria as oil marketers have increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to about N1,300 per litre, up from N1,050 per litre in many parts of the country.

The latest increase represents a 24 per cent rise in petrol price, triggered largely by the surge in global crude oil prices, which climbed to about $110 per barrel amid the escalating Middle East war.

The development has intensified the cost-of-living crisis in Nigeria, as higher fuel prices continue to drive increases in transport fares, food prices and the cost of goods and services nationwide.

Diesel price also surges

The price hike has also affected Automotive Gas Oil (AGO), commonly known as diesel.

At some filling stations operated by major marketers, diesel is now sold at around N1,380 per litre, up from about N1,100 per litre, while outlets of NNPC Limited sell the product at about N1,680 per litre in Lagos and surrounding areas.

Similarly, the pump price of petrol in Ibadan and neighbouring communities in Oyo State has risen sharply to between N1,200 and N1,300 per litre, compared with the previous range of N1,020 to N1,080 per litre.

A member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the increase to the rising landing cost of imported fuel.

According to the marketer, the cost of lifting petrol from Lagos depots has increased to about N1,175 per litre, forcing marketers to adjust pump prices upward.

“The pump price varies depending on the destination. While petrol sells between N1,200 and N1,300 per litre in Ibadan, the price could be higher in areas such as Ogbomoso and Oke-Ogun due to transportation costs,” the marketer said.

Dangote refinery raises petrol gantry price

The increase in retail price followed a fresh adjustment by the Dangote Petroleum Refinery, which raised its gantry price of petrol to N1,175 per litre from N995 per litre.

The refinery also increased the gantry price of diesel to N1,620 per litre, up from N1,430 per litre.

The company attributed the development to prolonged volatility in the international crude oil market, which has pushed prices upward due to ongoing geopolitical tensions in the Middle East.

Industry sources noted that filling stations in Abuja have adjusted prices several times in the past week, reflecting the rising cost of supply.

Petrol price jumps in Abuja

In the Federal Capital Territory (FCT), petrol prices have jumped dramatically from about N880 per litre seven days ago to over N1,300 per litre at many retail outlets.

Within the last week, the price rose successively from N880 to N960, then N1,080, before climbing to N1,103 and eventually exceeding N1,300 per litre at several stations.

The sudden increase has triggered concern among motorists, transport operators and small business owners who rely heavily on fuel for daily operations.

Transport fares rise sharply

The increase in petrol price in Nigeria has already translated into higher transportation costs in many cities.

Checks at major bus stops in Area 8, Garki and the Central Area of Abuja showed that transport fares have increased by over 100 per cent on some routes.

For instance, a trip that previously cost N800 now costs about N1,500, while the fare from Area 8 to Nyanya has risen from N500 to around N1,000.

Similarly, in Ibadan, commercial drivers have increased fares due to the fuel price hike.

Trips from Sango to the University of Ibadan (UI) now cost between N250 and N300, up from N200, while the fare from Dugbe to Ojoo has increased from N600 to N900.

Logistics and transportation determine pump price — IPMAN

The Public Relations Officer of IPMAN, Chinedu Ukadike, confirmed the increase in petrol prices, noting that marketers now purchase the product from private depot operators at about N1,200 per litre.

According to him, the final retail price of petrol is influenced by logistics costs, transportation expenses and marketers’ margins.

“In Lagos, petrol may sell between N1,250 and N1,300 per litre, but outside Lagos the price could reach N1,350 per litre or more,” he explained.

Petrol could hit N2,000 per litre — PETROAN

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of petrol could rise to N2,000 per litre if the Middle East war persists.

According to Billy Gillis-Harry, National President of PETROAN, the price of diesel could also climb to about N3,000 per litre if the global crisis continues.

He warned that continued instability in the international oil market could push fuel prices in Nigeria even higher in the coming weeks.

Calls for revival of local refineries

PETROAN has called on the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to accelerate the full operation of Nigeria’s government-owned refineries.

The association specifically urged authorities to ensure the effective operation of the Port Harcourt refinery and the Warri refinery to boost domestic fuel production.

According to industry stakeholders, expanding local refining capacity would help reduce Nigeria’s dependence on imported petroleum products and cushion the impact of global oil price shocks.

Energy experts also stressed the need for policies that encourage private refinery investments, improve crude supply arrangements and strengthen Nigeria’s petroleum distribution infrastructure.

They noted that although domestic refining may not completely eliminate the effects of global oil price volatility, it would significantly improve energy security, foreign exchange stability and economic resilience.

Middle East Crisis Pushes Petrol Price to N1,300 Per Litre in Nigeria

Business

NNPCL, Marketers Increase Petrol Price Again Within 24 Hours After Dangote Refinery Hike

Published

2 days ago

March 8, 2026

Trends Admin

NNPCL, Marketers Increase Petrol Price Again Within 24 Hours After Dangote Refinery Hike

The Nigerian National Petroleum Company Limited and several independent filling stations across Nigeria have increased the pump price of Premium Motor Spirit (PMS) for the second time in less than 24 hours, following a fresh hike in the gantry price by Dangote Petroleum Refinery.

The development has led to another round of adjustments at retail outlets nationwide, with petrol prices now exceeding ₦1,040 per litre in some parts of the country, particularly in major cities.

Dangote refinery gantry price triggers increase

Industry sources said the latest increase was triggered after Dangote Refinery raised its ex-gantry price of petrol to about ₦995 per litre, up from around ₦874 per litre, forcing marketers and distributors to adjust their retail prices.

The gantry price refers to the amount marketers pay to lift products directly from the refinery before adding transportation, distribution and retail margins.

Following the adjustment, many filling stations immediately reviewed their pump prices upward.

New pump prices across stations

Checks at filling stations in Lagos, Abuja and other cities showed that:

Some NNPCL retail outlets now sell petrol at about ₦1,040 per litre.
Independent marketers are selling between ₦1,050 and ₦1,057 per litre, depending on location and logistics costs.
A few stations are already approaching ₦1,080 per litre in high-cost distribution areas.

The adjustment represents the second increase within 24 hours, reflecting the rapid reaction of marketers to rising depot prices.

Rising crude prices and market pressures

Energy analysts attribute the price hike to several factors, including:

Rising global crude oil prices
Increased operational and logistics costs
Market-driven pricing under Nigeria’s petrol deregulation policy

Since the removal of fuel subsidy by the Federal Government in 2023, petrol prices have largely been determined by market forces rather than government-controlled pricing.

Public reaction

The latest increase has sparked concerns among motorists, transport operators and small businesses, many of whom say the rising cost of petrol will further increase transportation fares and the general cost of living.

Transport unions in some cities have already hinted that fares may be reviewed if the price trend continues.

Economic analysts warn that persistent increases in petrol prices could worsen inflationary pressures, given the heavy dependence of Nigeria’s economy on petrol-powered transportation and generators.